Wheat prices jump 5% amid US drought, Iran-linked fertilizer shortages
Business
Wheat prices are on the rise this week, climbing about 5%, the biggest jump in nearly two months.
Drought in the US and fertilizer shortages linked to the Iran conflict are making things worse, especially for hard red winter wheat.
If you're wondering why your bread might get pricier, this is a big reason.
USDA: Nearly 70% winter wheat drought
Nearly 70% of US winter wheat fields are struggling with drought, according to the USDA.
Australia is facing similar dry spells and farm supply issues, while Europe and the Black Sea region aren't catching any breaks either.
Add in fertilizer shortages (thanks to global tensions) and an expected El Nino event, and it looks like wheat prices could keep climbing for a while.